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HCC To Buy Smaller Medical Stop-Loss Carrier

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HCC Insurance Holdings Inc. has agreed to acquire Perico Ltd., a writer of medical stop-loss insurance, for a combination of cash and HCC stock.[@@]

HCC, Houston, is not discussing the price of the deal.

HCC says that it now generates about $450 million in annual medical stop-loss premium revenue and that Perico, St. Louis, generates about $50 million in annual medical stop-loss premium revenue.

Carl Petty, Erwin Rittinger and Larry Cook founded Perico in 1988 and continue to manage it. They will stay on after the closing, HCC says.

HCC says it also is acquiring another company, MIC Life Insurance Company, and plans to change the name of that company to Perico Life Insurance Company.